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OCEAN Alliance to upsize Transatlantic lane again

The OCEAN Alliance is upsizing its transatlantic service again by replacing four 8,500-10,000 TEU ships with four 11,000 to 14,000 TEU vessels.

COSCO Shipping Lines, CMA CGM and Evergreen Marine Corporation form the alliance.

On 9 December, the 14,000 TEU Tampa Triumph will become the largest vessel ever deployed in the North Europe – US East Coast trade when it replaces the 9,466 TEU Ever Lucky.

CMA CGM, meanwhile, will redeploy the 11,388 TEU sisters CMA CGM Columba and CMA CGM Cassiopeia to the loop to replace the 9,962 TEU CMA CGM Ganges and the 8,465 TEU CMA CGM Bianca.

These will join the 13,092 TEU sisters COSCO Harmony and COSCO Pride.

Even as freight rates on the Asia-North Europe and Transpacific routes are tanking, the Transatlantic market has held up, convincing the OCEAN Alliance to increase capacity into the Atlantic Basin.

On 23 December, COSCO will deploy the 13,092 TEU COSCO Faith on the TAT2 service, where it will join its aforementioned sisters. The ship will trade for COSCO’s sister carrier OOCL and replace the 8,501 TEU COSCO Malaysia.

At the end of the year, the nominal capacity of the TAT2 service will have increased to 12,675 TEU per week, compared to 8,500 TEU in September.

The upgraded service currently turns in six weeks with calls at Southampton, Antwerp, Rotterdam, Bremerhaven, Le Havre, New York, Norfolk, Savannah, Charleston, Southampton.

Forward schedules suggest that the OCEAN Alliance will increase the round trip to eight weeks from January. This will help enable the longer port stays of the bigger ships, while it will further reduce sailing speeds.

Source: Container News

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Booming revenues swell Evergreen H1 profit nearly 30 times

Taiwanese liner operator Evergreen’s net profit shot up 29-fold in the first half of this year to $3.2bn, thanks to continuing equipment and capacity shortages pushing up rates.

Revenue doubled, to $6.8bn, as runaway freight rates bring unprecedented earnings to liner operators.

On Friday, Evergreen president Eric Hsieh said the carrier would buy 10,000 containers from Dong Fang International, for $64.65m, the second time in a year Evergreen has gone to the Cosco subsidiary for equipment, having ordered 28,000 containers, for $141.17m in March.

And last month, Evergreen ordered 6,000 new reefer boxes from China’s Guangdong Fuwa Equipment Manufacturing.

Evergreen will also re-allocate the registered ownership of some of its ships. Seven 1,600 teu vessels  now held by a Panama-incorporated special purpose vehicle, Gaining Enterprises, to a Hong Kong-incorporated subsidiary, Evergreen Marine (Hong Kong), for $67.11m.

And a 7,000 teu ship registered to another Panama-incorporated subsidiary, Yamasa New Pulsar V, will be re-allotted to Singapore-registered Evergreen Marine (Asia) for $71.1m.

Hsieh said the transaction amounts were determined after an assessment by Japanese classification society ClassNK.

The vessel names were not revealed. Gaining Enterprises  is the registered owner of 11 ships built between 1998 and 2000—Uni-Ardent, Uni-Aspire, Uni-Assent, Uni-Assure, Uni-Pacific, Uni-Patriot, Uni-Perfect, Uni-Phoenix, Uni-Popular, Uni-Premier and Uni-Prudent. Yamasa New Pulsar V is the registered owner of one 2007-built vessel, the 7,024 teu Ever Summit.

Hsieh said, “There will be no change in Evergreen’s fleet composition. Re-assigning the special purpose vehicles is to co-ordinate our operations, in view of market conditions, to strengthen our competitiveness, market share and efficiency.”

Source: The Loadstar

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Evergreen buys more containers, re-assigns fleet after profit spike

Evergreen Marine Corporation announced on 6 August that it will buy 10,000 containers from Dong Fang International Container (Hong Kong).

Evergreen buys more containers, re-assigns fleet after profit spike

The Taiwanese shipping group has been expanding its fleet of containers amid the well-documented equipment crunch, which has contributed to rocketing freight rates.

Since March 2020, Evergreen and its container leasing and warehousing subsidiary, Evergreen International Storage & Transport Corporation have ordered at least 90,000 containers, including the latest commission.

In addition, in July, Evergreen ordered 6,000 new reefer containers from China’s Guangdong Fuwa Equipment Manufacturing

Evergreen’s announcement of the latest round of container orders coincided with the release of its 2021 first-half results, showing a US$3.2 billion net profit, a 29-fold increase from the US$105.48 million net profit in 1H 2020.

Tight shipping capacity and the resulting spike in freight rates have brought unprecedented profit levels to liner operators.

Evergreen also announced a shake-up in the registered ownership of some of its group-owned ships.

It will re-assign ownership of seven 1,600TEU ships that are currently registered to its Panama-incorporated subsidiary, Gaining Enterprises SA to a Hong Kong-incorporated subsidiary, Evergreen Marine (Hong Kong), for a sum of US$67.11 million.

In addition, a 7,000TEU ship that is registered to another Panama-incorporated subsidiary, Yamasa New Pulsar V SA, will be re-allotted to a Singapore-registered unit, Evergreen Marine (Asia) Pte Ltd.

The vessel names were not disclosed. Gaining Enterprises SA is the registered owner for 11 ships, while Yamasa New Pulsar V SA owns just one ship, the 7,024TEU Ever Summit.

Explaining the fleet re-assignment at a press conference, Evergreen president Eric Hsieh said, “This is to coordinate the company’s overall operations, while considering the market conditions, so as to improve our competitiveness, market share and efficiency.”

Source: Container News

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Disaster-hit Ever Given and Maersk Essen pass each other safely at Felixstowe

Ships involved in two of container shipping’s worst accidents this year met in Felixstowe yesterday.

Disaster-hit Ever Given and Maersk Essen pass each other safely at Felixstowe

Ever Given, which blocked the Suez Canal for six days, passed the Maersk Essen which lost 750 boxes in January, heading for its berth at Trinity Terminal some four months late.

The irony of the meeting was not lost on one embattled insurer who photographed the Ever Given as it passed the 13,100 teu Maersk Essen on its approach to the berth.

Crowds that lined the riverbanks on the approach of the 20,124 teu Ever Given came from far and wide to witness its final discharge call before dry-docking.

Journalists mixed with members of the public and cargo stakeholders, including Steve Harris, of the marine and cargo practice Marsh, to see the vessel’s arrival.

It was an “I was there” moment for some, but for those involved in the complex General Average process of the cargo discharged from the vessel, it was a case of relating the mass of paperwork to the physical presence of a ship.

“I wanted to come to see the ship that has caused me so much work over the past four months,” said a senior marine insurer.

For the photographers, Ever Given looked disappointingly light on deck, having already discharged three-quarters of its 12,000 boxes at Rotterdam, but one insurer was happy with that outcome, saying the Dutch were “welcome to the GA issues”.

Source: The Loadstar

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Evergreen and Kaohsiung Port pilot IoT solutions

Evergreen Marine Corporation is piloting the usage of Internet of Things (IoT) technology with Kaohsiung Port’s customs officials.

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